Average mortgage rates little changed; 30-year at 3.90 pct

Long-term U.S. mortgage rates were unchanged to slightly lower this week, continuing a pattern of little movement in recent weeks.

Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate mortgages declined to 3.90 percent from 3.93 percent last week. While historically low, that's still above last year's average of 3.65 percent. The benchmark rate stood at 3.45 percent a year ago.

The rate on 15-year, fixed-rate home loans, popular with homeowners who are refinancing their mortgages, held steady at 3.18 percent.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was 0.5 point, unchanged from last week. The fee on 15-year loans also held steady at 0.5 point.

Rates on adjustable five-year loans ticked down to 3.14 percent from 3.15 percent last week. The fee remained at 0.5 point.